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G Mining Ventures Announces Formal Construction Decision for Tocantinzinho Gold Project and Provides Project Development Update
Positive construction decision approved by the Board of Directors on Tocantinzinho Gold Pro...
About this update from G Mining Ventures Corp
[{"type":"text","content":"G Mining Ventures Announces Formal Construction Decision for Tocantinzinho Gold Project and Provides Project Development UpdatePositive construction decision approved by the Board of Directors on Tocantinzinho Gold ProjectExtension to key installation licenses receivedAdvancing procurement and commitments for long lead items, with $136 million committed to date (29% of total) in line with budget, with detailed engineering 30% completeEarly works activities completed on time and on budget with no lost time incidentAppointment of Mathieu Gignac as Project Director, Julie-Anaïs Debreil as Vice-President Geology & Resources, and Eduardo Leão as Sustainability ManagerBROSSARD, QC / ACCESSWIRE / September 12, 2022 / G Mining Ventures Corp. (\"GMIN\" or the \"Corporation\") (TSXV:GMIN) (OTCQX:GMINF) is pleased to announce that its Board of Directors has made a formal decision to proceed with the construction of the Tocantinzinho Gold Project (\"TZ\" or the \"Project\"). Additionally, GMIN is pleased to provide an update on developments on the Project, including the receipt of essential installation license extensions, recruitment, engineering, procurement, early works activities, and the appointment of additional key personnel.Louis-Pierre Gignac, President & Chief Executive Officer, commented: \"GMIN was reorganized in October 2020 with the objective of building the next intermediate gold producer. In less than two years, the management team acquired a great project in TZ, released an updated Feasibility Study in February 2022, and completed a $481 million comprehensive financing package in a turbulent and volatile capital markets environment. This construction decision is an important milestone which has been achieved by de-risking the technical, permitting and funding aspects, and that confirm the TZ project is both a robust and responsible development opportunity. We are happy to see step one of our \"Buy, Build, Operate\" strategy progressing as planned, and are excited to commence full construction of TZ, for what will be one of the largest primary gold mines in Brazil.\"\"The updated feasibility study from February 2022 incorporated many of inflationary pressures seen in the industry, while still demonstrating very positive results of NPV5% of $622 million and IRR of 24% using a $1,600 per ounce gold price. We ...